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May 06, 2023
A quick look at yesterday: down on the day: Silver closed at $25.93 per troy ounce after ranging between $25.41 and $26.43.
On the flip side, highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 165,000 with new data of 253,000. United States Unemployment Rate improved upon its previous reading of 3.5 with a new data release of 3.4.
Silver made an initial break below its 5 day Simple Moving Average at $25.67, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $25.96, market bears have earmarked $23.69 as the next downside target. The CME Silver future's upper Bollinger Band® is at $26.1 which indicates a further downward move may follow. Despite this, CME Silver could begin to recover as it approaches significant support, now 52 cents away from $25.41. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Silver.
CME Silver's value drop coincided with the fact that after ending yesterday's session at $2,055.7, Gold lost $30.7 and is trading around $2,025.
Though Silver has been dropping, other Metals have been performing better: notably, Palladium rose 3.15% yesterday and closed at $1,441.6. Platinum is trading around $1,068.7 after ending yesterday's session at $1,050.3 (up 1.75% today).
CME Silver has fallen back around 0.47% from the significant high of $26.35 set 2 days ago.
